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    Reference: 20190326
    Release date: 15 June 2020

    Promoter – Financial Intermediary




    The EIB will finance an integrated investment programme, launched by the Ministry of Environment & Energy and the Ministry of Economy & Development, aiming to improve energy efficiency in public buildings and other venues (e.g. schools, hospitals and sports facilities). This project falls under the Smart Finance for Smart Buildings (SFSB) initiative, a joint initiative of the EIB Group and the European Commission (EC) aiming at supporting energy efficiency investments in buildings.


    The EIB financing consists in an intermediated multi-beneficiary framework loan to enable final beneficiaries to invest in activities related to building retrofitting. This includes, for example, the replacement of frames, insulation measures, replacement of obsolete heating and cooling equipment, installation of renewable energy and building management systems, as well as interventions aiming to the enhancement of the static integrity of the buildings when necessary.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 375 million

    Total cost (Approximate amount)

    EUR 714 million

    Environmental aspects

    It is expected that the sub-projects under this operation will not have any significant negative environmental or social impact and will not require an Environmental Impact Assessment (EIA) under the EU EIA Directive 2014/52/EU amending the EU EIA Directive 2011/92/EU. Nevertheless compliance with the relevant EU Directives will be verified during appraisal: EU EIA Directive 2014/52/EU amending the EU EIA Directive 2011/92/EU, EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. The status of any environmental studies and public consultations related to the urban renewal, upgrading and construction investments will be reviewed during project appraisal. Energy efficiency requirements will also be further assessed during project appraisal to be in line with the EU Directive on the Energy Performance of Buildings Directive (2018/844/EU amending the Directive 2010/31/EU), and the Directive on Energy Efficiency 2018/2002/EU (amending the Directive 2012/27/EU).


    The promoter has to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/24/EU, as well as Directive 89/665/EEC and 92/13/EEC (if relevant) as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.


    Signed - 22/12/2020


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Greece Energy